The EU's exports of US steel decreased by 1 million tons due to a loss of 2 billion euros from US steel and aluminum tariffs

Since the implementation of the 25% tariff policy on all imported steel and aluminum by the United States on March 12, the European steel industry has suffered a significant blow. At the same time, domestic consumers in the United States have also had to "foot the bill" for this policy. Axel Eggert, Director General of the European Steel Industry Association, stated that exports of steel to the U.S. have decreased by 1 million tons, resulting in a loss of approximately 2 billion euros. This policy will also have a huge impact on U.S. steel users. The U.S. steel industry is currently unable to produce a large variety of products of different grades and relies on imported steel from the EU. If U.S. steel users cannot procure these products from the domestic market, their procurement costs will increase by 25%